is good for general motors, and vice versa. as the auto industry sank it took it's capitol of detroit with it. today the city is shrinking and broke. to solve its financial crisis detroit will have to cut city workers pensions. illinois just pass emergency legislation to tackle $100 billion shortfall in its pension obligations. that's huge money and people will pay the price. on this edition of inside story we'll look at the trade-offs and solutions when balance sheets teeter to the brink of disaster, and we start in detroit. >> let me just say that the judge has spoken, and i do think it's a tough day for all of us here in detroit [♪ music ] >> once the nation's fourth largest city, the heart of the auto industry and the soul of american music today's detroit is a portrait of urban decay and facing a water shed moment. it is the largest municipality in u.s. history to file for bankruptcy. a federal judge ruled the city is not only insolvent but in a decisive verdict declared that pensions will be included on the chopping block. dave bing is the outgoing mayor. >> the only way we st

which to employ its purchasing power we'll tell you all about it coming up and finally we got detroit detroit zits roy the motor city had their share of ups and downs and this week the bankruptcy filing has created more questions than answers for the future of the city anthony randolph of the reason foundation helped us get through the headline letter while rachel courteous and i paid you a picture of detroit to pick up that this big deal it's all coming up and it all starts right now. kicking off your headlines today fracking now it may be the reason why unusual earthquakes have been hitting northern texas in recent months researchers suggest that injecting fracking water deep into the ground may have caused the three point four magnitude earthquake in dallas this past october artie's gynae teacher can reporting from northern texas tells us more. many residents who moved into this area in texas had no idea there would be fracking wells just steps away from their homes they could know that the area that had hardly had any earthquakes before fracking began would start having several ev

is widening, and jeopardizing the middle class. notic"inside story" is next. >> detroit prepares to navigate the road ahead in bankruptcy. but it's hardly alone in its efforts to solve the burden of runaway debt. i'm ray suarez. bankruptcy lessons learn and the real impact on people's lives. that's the "inside story." >> in the 1950s, a gm ceo famously said what is good for our country is good for general motors, and vice versa. as the auto industry sank it took it's capitol of detroit with it. today the city is shrinking and broke. to solve its financial crisis detroit will have to cut city workers pensions. illinois just pass emergency legislation to tackle $100 billion shortfall in its pension obligations. that's huge money and people will pay the price. on this edition of inside story we'll look at the trade-offs and solutions when balance sheets teeter to the brink of disaster, and we start in detroit. >> let me just say that the judge has spoken, and i do think it's a tough day for all of us here in detroit [♪ music ] >> once the nation's fourth largest city, the heart of th

has ruled detroit is eligible for are bankruptcy. here is the detroit mayor now with reaction. let's listen in. >> let me just say that the judge has spoken, and i do think it's a tough day for all of us here in detroit. i believe since i came to office, with the crisis that we had, this was inevitable. i don't think anybody necessarily wanted to go in this direction, but now that we're here, it's more important that we work together as opposed to continuing to fight each other. it's very, very important, i think, that we respect the fact that the emergency manager has the key to the city at this point in time. my relationship with kevin has been positive from the beginning, you know, we don't agree on everything, but at the same token we do it in a very respectful way. i know there are a lot of people that are upset, that are concerned about their futures, but we are now starting from square one. there are going to be a lot of negotiations yet to come. there's going to be a lot of push and pull. i don't think we have a final determination as to what all of the elements are going to

we'll tell you all about it coming up and finally we got detroit detroit destroyed the motor city had their share of ups and downs and this week's bankruptcy filing has created more questions than answers for the future of the city anthony randolph of the reason foundation helps us get through the headline letter wall rachel courteous and i paid you a picture of detroit i'll take that and this big deal is all coming up and it all starts right now. kicking off your headlines today fracking now it may be the reason why unusual earthquakes have been hitting northern texas in recent months researchers suggest that injecting fracking water deep into the ground may have caused the three point four magnitude earthquake in dallas this past october artie's gynae teacher can reporting from northern texas tells us more. many residents who moved into this area in texas had no idea there would be fracking wells just steps away from their homes they could know that the area that had hardly had any earthquakes before fracking began would start having several every week they couldn't imagine that the

purchasing power we'll tell you all about it coming up and finally we got detroit detroit zits roy the motor city has had its fair share of ups and downs and this week the bankruptcy filing has created what questions and answers for the future of the city anthony randolph of the reasons beyond ation help us through the headline letter wall rachel courteous and i paid you a picture of detroit. and this big deal is all coming up and it all starts right now . kicking off your headlines today fracking now it may be the reason why unusual earthquakes have been hitting northern texas in recent months researchers suggest that injecting fracking water deep into the ground may have caused the three point four magnitude earthquake in dallas this past october artie's gynae teacher can reporting from northern texas tells us more. many residents who moved into this area in texas had no idea there would be fracking wells just steps away from their homes they could know that the area that had hardly had any earthquakes before fracking began would start having several every week they couldn't imagine that t

employ its purchasing power we'll tell you all about it coming up and finally we got detroit that's right that's right the motor city had their share of ups and downs and this week's bankruptcy filing has created more questions than answers for the future of the city anthony randolph of the reason foundation helps us get through the headline letter while rachel courteous and i paint a picture of detroit artistic assets and this big deal is all coming up and it all starts right now. ticking off your headlines today for akim now it may be the reason why an usual earthquakes have been hitting northern texas in recent months researchers suggest that injecting fracking water deep into the ground may have caused the three point four magnitude earthquake in dallas this past october artie's gynae teacher can reporting from northern texas tells us more. many residents who moved into this area in texas had no idea there would be fracking wells just steps away from their homes they could know that the area that had hardly had any earthquakes before fracking began would start having several eve

rand paul of kentucky speaking yesterday at the detroit economic club about jobs and the economy. after that, "washington journal." live at 7:00 a.m. eastern. followed by a house subcommittee hearing on the status of disability claims at the veterans affairs epartment. [applause] >> well, good afternoon, ladies and gentlemen. on this nice brisk detroit, michigan day. it's my honor to introduce dr. rand paul, the junior senator from kentucky, the united states senator. he was elected in 2010 and certainly has made his mark in just a very short time. he has proven to be an outspoken champion for constitutional liberty and fiscal responsibility. and a warrior against government overreach. among his first legislative proposals, cutting of $500 billion federal funding proposal and a plan to balance the federal budget in just 5 years. he has since introduced similar bills with growing support. in the senate, senator rand serves on the foreign relations committee, the health and education and labor and pension, homeland security, and government affairs, and the small business committee.

but it's not near to 78,000. >> when you say -- >> that was detroit mayor dave bing speaking on the ruling moments ago that detroit can file chapter 9 bankruptcy. he'll be joining us later this hour. but first "twelve days of christmas" and only eight days of congress. it's december 3rd and this is "now." don't call it a comeback. house of representatives back in washington this week presumably to resolve pressing legislative issues but more likely to waste taxpayer dollars fighting over the same old stuff they have been fighting about all along. as typical congress has given itself very little time to get anything done. the two chambers are in session together for just four more days this year. that is 96 hours to broker a budget deal before the december 13th deadline, not to mention the dozens of other bills that the republican-led house either ignored or rejected including but not limited to comprehensive immigration reform which passed the senate over five months ago ending employment discrimination, which more than two-thirds of the country supports and a farm bill which the ho

. >> now with bankruptcy imminent. >> breaking news out of detroit right now. >> no, no, not detroit! no! retirees marched in it front of the courthouse in protest. >> there are no surprises in that ruling. >> this was a difficult and painful decision. >> so business as usual in detroit. >> a chance, i think, to move forward with a clean slate. >> lots of misinformation surrounding this story. i'm setting the record straight here. >> have a human dimension, because there are pensions, retiree issue. retirees, pensioners. >> citizens are customers. >> rick, have you ever heard the expression, the customer is always right? >> i don't look at -- >> the consequences could be devastating, if you care about people. >> you know, when i said i was very pleased, i very specifically stayed away from the, you know, word "happy." >> good to have you with us tonight. thanks for watching. what happened in detroit today is not american exceptionalism. something that the republicans and conservatives love to talk about all of the time. no, today is a failure. today is a managed failure. but i want t

, gains going back today. connell: breaking news in a detroit courtroom where a federal judge is ruling whether or not the city can continue with its bankruptcy filing. dagen: a win for the city? jeff flock live from detroit with the latest. jeff: it is accused ruling. for the first time ever a federal judge has ruled in detroit std may cut, diminish the pensions of municipal workers in bankruptcy, first time there has ever been a ruling like this and it may have huge implications across the country. we are seeing out here on the street protests against this. i heard the crowd back here saying judge rose can go to hell. judge stephen rhodes went farther than people thought he would go. many speculated he would approve a bankruptcy filing but the city hasn't met its obligation. it is insolvent, $18 million in debt and negotiated in good faith with its creditors prior to the filing but went farther than that. he could have set aside the pension issue but instead he said in fact the city has the right to cut pensions as part of its reorganization plan. i should that he did not say h

is next and tonight senator rand paul will talk about his plan to revive the city of detroit that the president said would never go bankrupt. he saved it. martin bashir is done, finished. he handed in his resignation letter at nbc news for the disparaging, vile comments made about governor sarah palin. bob beckel and andrea tantaros react. peter sweitzer has details on a new report here. in three and a half years leading up to the obama care website, the president and secretary sebelius never had a one on one meeting. i'm even shocked at the this. we'll find out. ♪ [ male announcer ] they are a glowing example of what it means to the best. and at this special time of year, they shine even brighter. come to the winter event and get the merces-benz you've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer ] lease e 2014 e350 for $579 a month at your local mercedes-benz dealer. became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagin

should be proud of what's happening in detroit that's because during his time at bain capital he perfected the type of glorified extortion and theft tactics rick snyder and kevin or are using right now to rob city workers of their hard earned pension plans when it was running bain during the eighty's and ninety's the company made its money by forcing companies into. that and then basically robbing them blind for every last bit of cash they had being would take out a loan for say a billion dollars and it would use that billion dollar loan as leverage to buy the company but instead of paying back that billion dollar loan itself bain would dump it on the company has bought now the words bain would make the company has bought paid for its pay for its own acquisition and where would the company get that billion dollars needed to do that when it all met would say it got the money by eliminating fraud waste but in reality that money came from stripping the company of its assets and converting them into cash a campaign came from taking employee assets like pensions and decent paychecks a

detroit that's because during his time at bain capital he perfected the type of glorified ix. story sion and tough tactics rick snyder and kevyn orr are using right now to rob city workers of their hard earned pension plans when it was running bain during the eighty's and ninety's the company made its money by forcing companies into debt and then basically robbing them blind for every last bit of cash they had being would take out a loan for say a billion dollars and it would use that billion dollar loan as leverage to buy the company but instead of paying back that billion dollar loan itself bain would dump it on the company has bought now the words bain would make the company has bought paid for its pay for its own acquisition where would the company get that billion dollars needed to do that. good ole miss say it got the money by eliminating fraud waste but in reality that money came from stripping the company of its assets and converting them into cash a campaign came from taking employee assets like pensions and decent paychecks and converting them into cash to pay for the debt

allows detroit to declare bankruptcy. they are dealing with $20 billion in debt. pensions of city workers could be on the chopping block. >> a new clue in the deadly train crash. a union official says the evening near was nodding off before the train veered off the tracks the metro was traveling 50 miles-per-hour over the speed limit. >> president obama will not let critics kill the affordable care actment thact. the republicans are routing fore rooting for it to fail. >> forensic scientists have concluded that yasser arafat died of natural causes and was not poisoned it contradicts an earlier swiss report that found that the palestinian leader was poisoned by radioactive polonium. those are the headlines i'm john siegenthaler. america tonight is coming up next with joie chen. i will be back at 11:00 eastern and 8:00 pacific you can get the latest news at aljazeera.com. ♪ >> on america tonight. will they turn out the lights? detroit is clear to go forward on bankruptcy. will it be the move that saves the city services. >> we need everything. we need rigs. we need fire trucks rig

revive the city of detroit that the president said would never go bankrupt. he saved it. martin bashir is done, finished. he handed in his resignation letter at nbc news for the disparaging, vile comments made about governor sarah palin. bob beckel and andrea tantaros react. peter sweitzer has details on a new report here. in three and a half years leading up to the obama care website, the president and secretary sebelius never had a one on one meeting. i'm even shocked at the this. we'll find out. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their0-year lipper average t. rowe price. invest with confidence. with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome to "hannity" earlier today president obama gave a very long-winded speech and addressed the topic he likes to call,

movement then walk a little bit. didn't screw news we go to detroit michigan or governor rick snyder and his little dictator cabin or obese. sleeping happily tonight that's because a federal court has ok detroit's bankruptcy plan and in all likelihood sent the city down the path toward more economic misery thanks to the course decision the hard earned benefit packages of detroit's twenty thousand retired public sector workers that police firefighters like that are now on the chopping block retirees will have to compete with wealthy bankers and investors over what remains of detroit's finances and let's face it in today's america that's typically the major uphill battle deep cuts to pension cuts are now pretty much inevitable joining us for more on this from detroit about today's ruling as well as what it means for the future of the motor city is the pastor d. alexander bullock founder and national spokesperson for the change agent consortium . change c a c or. action see actions that thank you action cac thank you thank you so much so what's the mood like in detroit those are it's a somb

i'm . a little i'm a little. well i'm a. bit of a. good news we got to detroit michigan or governor rick snyder and his little dictator kevin or will be sleeping happily tonight that's because a federal court has ok detroit's bankruptcy plan and in all likelihood sent the city down the path toward more economic misery thanks to the course decision the hard earned benefit packages of detroit's twenty thousand retired public sector workers police firefighters like that are now on the chopping block retirees will have to compete with wealthy bankers and investors over what remains of detroit's finances and let's face it in today's america that's typically the major uphill battle deep cuts to pension cuts are now pretty much inevitable joining us for more on this probably trite about today's ruling as well as what it means for the future of the motor city is the pastor d. alexander bullock founder and national spokesperson for the change agent consortium . change. or past of all. should see actions that action see thank you thank you so much so what's the mood like in detroit to this or

detroit economic club about jobs and the economy. former secretaries of state madeleine albright and hillary clinton come a remembering south african president nelson mandela. and a white house briefing with secretary jay carney. >> the book affairs events from washington, putting you in the room at congressional hearings, white house event, briefings, and conferences. and complete gavel-to-gavel coverage of the u.s. house. we are c-span, created by the cable tv industry and funded by your local cable or satellite provider. now you can watch us in hd. >> republican senator rand paul at the detroit economic club. some have considered him as a presidential candidate although he himself has not made any formal announcement. this event is part of the road to the white house 2016 coverage. [applause] cracks good afternoon, ladies and gentlemen. on this nice brisk detroit michigan day, it is my honor to introduce dr. rand paul, the junior senator from kentucky. the united states senator elected in 2010 and has certainly made his mark in just a very short time. he has proven to be an outspo

welcome to al jazeera america, i'm john siegenthaler in new york. here are the top stories. detroit has officially become the largest city in the u.s. to go bankrupt. a federal judge cleared the way for officials to deal with $20 billion in debt. pensions of city workers and retirees could be on the chopping block. that possibility sparks protests. >>> federal investigators say it's too soon to say what caused the derailment in new york. a union official said the engineer was nodding off before the train lost control at 89 miles per hour. four people died, 60 were injured in the crash. vice president joe biden has arrived in beijing. he's meeting with leaders with the territorial dispute in japan. the fighting is heating up. tokyo on tuesday, joe biden emphasised u.s. support for japan. >> there are more protesters in the capital of kiev ukraine. demonstrators are demanding that the government step down. they are angry at the president rejecting closer ties. sneeze are the headlines. "america tonight" is up next. you can always get the latest news on aljazeera.com. see you back here

. >> exclusive, rand's plan to resuscitate detroit, senator rand paul is here revealing his free market blueprint to get the motor city rolling again. with more cities on the brink, they might learn a thing or two before they go bust, too. plus -- >> there will be no more taxpayer funded bayouilouts, period. >> america is getting fed up. now the white house may be about to hand insurance companies another massive bailout because of obama care and you'll be paying for it. then, listen up, kids, don't be a maker, be a taker. a 6th grader getting schooled in liberalism and it might make parents' heads explode. >> i can't raise money, work hard, have a good work ethic, but they can beg. >> they told her to beg, but we beg to differ. cashing in, always seeking the truth, starts right now. >> hi, everyone. detroit i beaten, burned out and now bankrupt but a beam of bright light is emerging from the right. this an exclusive interview you will see only here. senator rand paul joins us from the motor city. tell us what your plan consists of. >> this is a free market plan to rescue detroit. weapo

, kentucky senator rand paul speaking at the economic -- detroit economic club. talking about jobs and the economy coming up live at 12:35 eastern right here on c-span. treasury secretary jacob lew gave update on the dodd-frank regulation law. speaking at an event hosted by the pew charitable trust, secretary said the obama administration would press for more comprehensive global financial regulation in up coming g20 summit in australia. >> good morning everyone and thank you so much for joining us for this very special event. little housekeeping before i get started. please once secretary lew finish his remarks, stay seated. @&c"pe hosting this 76th secretary of the united states treasury jack lew. it has become a major influential voice on many of the toughest issues confronting society today. throughout 65 year history, pew has remain faithful to the guiding principle. tell the truth, and trust the people. be it healthcare, be it environment, economic mobility, pew has spoken truth to power to improve the lives of millions of people throughout the world. of course almost two yea

else has one? >> that doesn't top the fire-breathing dragon in detroit, with the deejay booth on the back. >> oh, yeah. >> and because detroit's going bankrupt, there's a lot of -- and the art is going to be sold, so they did this project to sort of save the arts. >> that was the save the art thing. and that was of all the best new things in the world this year, that was the most visually stunning one. the motor city, the great city of detroit, has produced lots of great cars, lots of great art, lots of great music over the years, and now the great city of detroit has produced this. behold the light dragon! this is the brainchild of two artists, detroit-based artist ryan doyle and a hong kong-born artist named teddy lo. it's called the light dragon, made entirely of salvaged metal and rubber and lights. it is apparently 60 feet long and it weighs 17,000 pounds. it sits on top of a stripped-down 1963 dodge dump truck. it's equipped with 2,500 feet of color-changing l.e.d. lights. and because it is a dragon, naturally, it can breathe fire. no, really, it can shoot a 20-foot burst of fl

granting of bankruptcy protection for detroit. >> reporter: the rule, is unwelcome to detroit city employees as their pension now hangs in the balance as detroit digs itself out from $18 billion in debt. >> this is a moral issue that we're dealing with. it is wrong for you to take somebody's pension that have given their lives, that have sacrificed 30 years. >> reporter: the trouble began with the exodus that followed automotive jobs. with the smaller tax base, city leaders did not reduce the budget. under pressure from labor unions, they never reduced things like health benefits or bonuses. when the budget was in the red the borrowed. judge steven rhodes wondered out loud why this hadn't happened sooner as he made the historic ruling that detroit is eligible for chapter 9 bankruptcy. now pension, for more than 23,000 firefighters, police and other municipal employees are facing the potential of dramatic reductions. >> we're trying to be very thoughtful, measured and humane about what we have to do. what i can tell them is that the reality is there's not enough money to address the

at the detroit economic club about the jobs and the economy. secretaries ormer of state madeliene albright and hillary clinton remembering former south african president, nelson mandela. and with the white house with press secretary jay carney. >> good afternoon, ladies and gentlemen. n this nice brisk detroit, michigan day, it's my honor to introduce dr. rand paul, the junior senator from kentucky. the united states senator. e was elected in 2010 and certainly has made his mark in just a very short time. outspoken to be an champion for constitutional liberties and fiscal responsibility. and a warrior against government overreach. proposals, rst cutting a funding proprose sal nd a plan to balance the federal budget in just five years. he has since introduced similar bills with growing support. n the senate, senator rand served on the foreign relations committee, the health, education, and labor and pension homeland security, and government affairs and the small business committee. a graduate of duke university paolo of medicine, dr. was a practicing ophthalmologist in bowling gree

. a key ruling on detroit's bankruptcy filing is handed down. >>> new efforts to bring home an american detained in in cuba. >>> plus the white house prepares a new defense of the affordable care act. the president is set to speak a few hours from now. ♪ >>> we have breaking news to report to you out of detroit. the judge in the bankruptcy filing there that was ruling on the edgeablety has ruled that detroit can proceed with its bankruptcy filings. let's go straight to our reporter in report. bisi onile-ere. bisi, the judge has made the ruling. what is at steak here? >> reporter: there are a number of things at steak. retiree pensions are on the line. these are checks that people depend on every month. and masterpieces at the detroit institutes of art could be auctioned off to help get the city back on financial footing. this hearing has been going on for about an hour now. and the judge put together a 180-page report detailing his decision to declare the city bankrupt. as you can see behind me there are about 60-plus protesters that are opposed to this bankruptcy. they have

following this hour: the motor city is bankrupt. detroit once the nation's fourth largest city can begin to shed its $20 billion debt. it could mean cutting the pensions of thousands of retired city workers. >> the engineer in control of the train was nodding off shortly before the train lost control in new york. the federal agencies investigating the crash removed the rail union from the investigation saying there was a breach in confidentiality. >> vice president joe biden is on a week-long trip to asia to ease tensions. the plane arrived in china and plans to bring up the island controversy in beijing. while in japan he voiced support. >> the president is defending the health care website. t the white house will campaign for the site. the deadline is 23rd december to register register: you can get the latest online with aljazeera.com. need manpower. also tonight. lessons learned? the latest read on how u.s. students stack up and what it really says about american i hadcation. hadcation -- education. >> and fashion build. what role you play in one of the world's most polluted places. w

market, baby. >>> detroit is in deep trouble. now they're eligible for bankruptcy. what's next? >>> and a big shakeup over at msnbc after vile comments about sarah palin. up next. ♪ i want to hold your hand ♪ ♪ you love it but you hate it and you need it all the same ♪ >>> yesterday, a federal judge cleared the way for the city of detroit to file for bankruptcy, a monumental fall for one of america's largest cities. in detroit, bankruptcy may be the only thing that saves the city. it is $18 billion in debt. much more on the way thanks to greedy unions, mass i have pensions and bloated salaries. redistribution was the model there. it destroyed a once massive powerhouse. listen though this smart young rapper get to the root of the problem. he's got a good solution to fix it. >> all it is basically is drugs and poverty. i mean, every kid has his own decision. kids pay say i ended up because of the neighborhood i live in. it's your choice whether you want to make it or you don't. whether you want to be another statistic, another drug dealer that they know about, or be somebody succe

stories. detroit is bankrupt. >>> a judge made it official today. current bills will be paid but pensions are due to be cut. a new look at the death of yasser arafat. experts say the palestinian leader was not poisoned. and the moment that divers found a shipwreck survivor right after the tugboat sank. it is, indeed, a momentous day. that is how a federal judge ended the hearing announcing that detroit is available t bece a bankrupt city. it is $18 billion in debt but not without potentially hurting pensioners. we're in detroit, diane, the big question now is moving forward how long does this whole process take? >> we're likely to see a reorganization plan in a month or so. but it is likely to be met with opposition from current municipal employees. >> reporter: the judge gave detroit state appointed emergency manager to file bankruptcy. outside the courts were protesters. >> services, pensions will be on the chopping block, our art institutes the water. >> it may be the only way to breathe new life into detroit given it's $18 billion debt crumbling infrastructure, and high crime

a human backdrop? >> they've replaced the potted plant industry. >>> directly ahead, detroit is in deep financial trouble. now one of america's largest cities is eligible for bankruptcy. what's next? we'll break down the motown money woes. >>> and later, a big shake-up over at msnbc after vile comments about governor sarah palin. those new developments coming up on "the five." ♪ i want to hold your hand ♪ i wanna hold your hand >>> yesterday a federal judge cleared the way for the city of detroit to file for bankruptcy, a monumental fall for one of america's largest cities, but a detroit bankruptcy may be the only thing that actually saves detroit. it's a city that was being strangled by debt, $18 billion worth, and much more on the way thanks to greedy unions, bloated salaries, massive pensions. redistribution with the business model for detroit, and redistribution along with a whole lot of union support destroyed a once global manufacturing powerhouse. there's a major cultural problem there, too. listen to this smart young african-american rapper get to the root of the proble

at a." on c-span's "q and >> republican senator rand paul spoke at the detroit economic club about jobs and the economy. legislation hew plans on introducing when the senate returns this week. some have considered him as a potential candidate in the next presidential election, though he himself has not made any formal announcement. event is part of c-span's road to the white house 2016 coverage. [applause] >> good afternoon, ladies and gentlemen. on this nice, brisk detroit michigan day. introduce dr. to rand paul, the junior senator from kentucky. he was elected in 2010 and certainly has made his mark in a very short time. he has proven to be an outspoken champion for constitutional liberties and fiscal responsibility. and a warrior against government overreach. among his first legislative proposals, cutting a $500 billion federal spending proposal and a plan to balance the federal budget in just five years. he has since introduced several bills with growing support. in the senate, he serves on the foreign relations committee. education, labor and pension, homeland security, and g

currency coming up and in detroit a federal judge has ruled that the city cannot file for bankruptcy now public workers worry over potential hits to their pensions is the city balancing its budget on the backs of work herds and in-depth look at how the motor city is trying to restart its economic engine later in the show. it's thursday december fifth four pm in washington d.c. i'm meghan lopez and you are watching our t.v. well starting off this hour fourteen so-called computer hacktivists associated with anonymous appeared in california federal court today over charges that they conducted a quarter dated cyber attack on pay pal. master card now the distributed denial of service attack or the d.d. o. s. hack overwhelmed pay pal's online services back in two thousand and eleven and temporarily knocks the company off line today the fourteen pay pal of the pay pal fourteen reached a plea deal that will choir each to pay five thousand six hundred dollars and plead guilty to a felony which will be dismissed after a one year period with good. behavior no two members of the group chose not

. sleep. facing more than eighteen billion dollars in debt the city of detroit finally filed for bankruptcy last july yesterday a u.s. district court judge authorized the city to go forward with its findings for chapter nine judge steven rhodes said that negotiating and reaching a deal with the city's one hundred thousand creditors would have taken far too long for their prevented detroit from delivering vitals city services disturbingly this ruling means that the pensions for thousands of detroit city employees could be slashed even though they were guaranteed long ago so they break down the complexities of detroit's bankruptcy and shed light. what this decision means for other cities in financial peril i'm joined now by richard wolffe economist and professor emeritus at the university of massachusetts always amazing to have you on richard. thank you for inviting me so richard what do you think is this bankruptcy decision the best outcome for detroit. no it's not it's one of the worst outcomes and i think you're right to point to this issue of the pensioners it is a historic mom

? we'll take a look at that. >>> also ahead, have you heard detroit bracing for a bankruptcy ruling today. right now the judge is reading his decision in a courtroom on whether the city can go ahead with a chapter 9 feeling. what sdmeejt for the people and the ripple effects it could have across the country. like right here i can just... you know, check my policy here, add a car, ah speak to customer service, check on a claim...you know, all with the ah, tap of my geico app. oh, that's so cool. well, i would disagree with you but, ah, that would make me a liar. no dude, you're on the jumbotron! whoa. ah...yeah, pretty much walked into that one. geico anywhere anytime. just a tap away on the geico app. stick with innovation. stick with power. stick with technology. get the new flexcare platinum from philips sonicare and save now. philips sonicare. mmm! this is delicious katie. it's not bad for canned soup, right? pfft! [ laughs ] you nearly had us there. canned soup. [ male announcer ] they just might think it's homemade. try campbell's homestyle soup. >>> on the national mall right

detroit if they can't later get such jobs because of an out-of-control war on drugs. mandatory minimum sentences that force judges to give 10, 20, sometimes 50 year sentences for drug offenses are crazy and they've got to end. it is a human tragedy. it is an idea of justice. and there need to be new voices from either party that will say it's time to change. this is whay i've joined with democrats on this. [applause] i've joined with democrats on this. i'm working with senator leahy from vermont to try to give junls more freedom, more leeway when it comes to sentencing. if it were your kid would you want to know whether it was their first crime? whether there's a chance to rehabilitate them? whether it's a drug addiction problem that's a health problem and not going to get better in prison? would you want to know there might be other solutions? nonviolent felons who serve their time should get back in society, should be able to get a job, be able to vote, have a life and have a family. their children should look at what comes from happiness and hard work. we talk about the fami

, both. coming up, today in detroit, life got even harder for a lot of people. >> for 29 years they took out money from my check to go in to my pension. and the city was supposed to put out an equal amount of money. they didn't fund it like they were supposed to but they got my money, and then they sit around now and they're going to renig on the promise that we got. >> i'm going to talk about how wall street is screwing detroit retirees out of their pensions. this is george. the day building a play set begins with a surprise twinge of back pain... and a choice. take up to 4 advil in a day or 2 aleve for all day relief. [ male announcer ] that's handy. ♪ in the nation, what's precious to you is precious to us. ♪ love is strange so when coverage really counts, count on nationwide insurance. we put members first. join the nation. ♪ nationwide is on your side ♪ [ male announcer ] when seconds count, the experience of adt matters. the alarm initially went off at 12:06. after a few seconds, adt called me, and the guys were caught by 12:29. adt called, and she said, "mrs. white, y

for joining us. >> thank you, gwen. >> woodruff: tuesday's decisions in detroit and illinois put a dramatic spotlight on public workers' pensions and why they're under increasing pressure in states and cities facing huge debt problems. the fights are charged with more skirmishes to come in court, but this week's action may be changing the landscape. the battle over the public employee pension crunch in illinois-- the nation's worst-- came to a head yesterday, as state lawmakers voted to eliminate a $100 billion unfunded liability. it passed with bipartisan support, although the votes were close, and some were more enthusiastic than others. >> i think it's a win-win and the excuses i'm hearing from people who don't want to support it don't add up to me. >> this is hard for a lot of people in our state so it's not something that i feel joy about. >> woodruff: the measure cuts cost-of-living increases for current and future retirees and raises the retirement age for those under 45. many aren't happy about it. >> when you've been employed by the state for 20 years and you're counting o

municipal bankruptcy in u.s. history gets the green light. a judge ruled detroit can shed billions in debt and reduce public pensions while overhauling its finances. >> woodruff: and tensions are rising in asia, where vice president biden voiced support for japan as it feuds with china over islands and airspace. >> we, the united states, are deeply concerned by the attempt to unilaterally change the status quo in the east china sea. >> those are just some of the stories we are covering on tonight's pbs news hours. >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: the president sought to shift the focus today, away from what's gone wrong wi

the ruling in detroit and the overhaul in illinois signal a change to retirement benefits nationwide? all that and more tonight on "nightly business report" for wednesday, december 4th. >>> good evening everyone. it's four in a row. the dow and s&p fell again today backing away from last week's record setting highs. blame it on a new bach of positive reports on jobs, housing and the upbeat survey on the economy. the take away for investors, the fed will taper back stimulus plans and that might not be good for the markets. all this comes just two days before the release of the monthly jobs report. a key data point for central bank policy makers. it's no wonder stock averages between gains and losses and finally ending mostly in the red for the day. the dow lost 25 but down as much as 125 earlier in the day and the nasdaq edged up a fraction and s&p fell two points. the same concerns about the fed's next move sent the yield on the benchmark treasury note above 2.8%, the highest since september. >> how does the federal reserve see the economy right now as it prepares for the next policy

that point to the fact it is having a good effect. thank you, both. coming up, today in detroit, life got even harder for a lot of people. >>> for 29 years they took out money from my check to go in to my pension. and the city was supposed to put out an equal amount of money. they didn't fund it like they were supposed to but they got my money, and then they sit around now and they're going to renig on the promise that we got. >> i'm going to talk about how wall street is screwing detroit retirees out of their pensions. in the nation, we know how you feel about your car. so when coverage really counts, count on nationwide insurance. because what's precious to you is precious to us. ♪ love, love is strange just another way we put members first. because we don't have shareholders. join the nation. ♪ baby... ♪ nationwide is on your side ♪ >>> today congress managed to get it together to pass something unanimously. it was a bill with "loose change" in the title. [ male announcer ] need help keeping your digestive balance in sync? try align. it's the number one ge recommended probi

having a good effect. thank you, both. coming up, today in detroit, life got even harder for a lot of people. >>> for 29 years they took out money from my check to go in to my pension. and the city was supposed to put out an equal amount of money. they didn't fund it like they were supposed to but they got my money, and then they sit around now and they're going to renig on the promise that we got. >> i'm going to talk about how wall street is screwing detroit retirees out of their pensions. >>> today congress managed to get it together to pass something unanimously. it was a bill with "loose change" in the title. [ male announcer ] this duracell truck has some very special power. ♪ [ toys chattering ] it's filled with new duracell quantum batteries. [ toy meows ] [ dog whines ] [ toy meows ] these red batteries are so powerful... that this year they'll power all the hasbro toys donated to toys for tots. want to help power some smiles? duracell. trusted everywhere. >>> we don't want one penny cut from the city of detroits employees. >> about 20,000 workers were promised pensions. a

/nbr. >>> in detroit, the city becomes the largest to enter bankruptcy. what happens next? >> auto makers symbol of detroit's economy sold more cars than expected in november. but can the pace of sales continue into the new year? >> and falling behind, american students are lagging other nations in reading, math and science. what changes need to be made to ensure future generations can compete in a global economy? we have that and more tonight on "nightly business report" for this tuesday, december 3rd. >>> good evening everyone and welcome. i'm tyler mathisen. remember how great the month november was for stock investors, records and consecutive weeks of gains? hold that thought because so far december has gone the other way. fast. in fact, the dow and s&p 500 today ended lower for a third straight session. logging their biggest three-day decline in two months. some on wall street say stock prices are too high and they are taking profits and there is a pull back and this is the start of it, or maybe consumer spending, soggy so far this holiday season or the fed's seeing the blowou

plants of detroit where he discovered that his gift for verse could provide "a voice for the voiceless." he's the author of twenty collections of poems, as well as books of translations and essays, and has been the recipient of the pulitzer and two national book awards. he recently served as the nation's poet laureate at the library of congress. one critic described philip levine as "a large, ironic whitman of the industrial heartland." philip levine, welcome. >> thank you. >> you worked in factories when you were a young boy. what kind of work? >> i worked for a place called chevrolet gear and axle, long gone. and that was working on large punch presses in a forge room. so it was very hot and dangerous. and it was a kind of job that you could not attend to. you had to be conscious of what you were doing. you were sticking metal with tongs into this press and waiting for it to come down. and then you were taking it and you were hanging it on something. and you couldn't daydream, you know? you could -- and people told me, "you can't daydream. men have lost their hands in these damned ma